The Global Blockchain Technology Market Is Anticipated To Reach USD 16.82 Billion By 2026 according to a new study published by Polaris Market Research. Also termed as Distributed Ledger Technology (DLT), blockchain enables secure transaction over a distributed network. Since the transactions are taken place usually over the network, it is difficult to reverse the transaction history. Blockchain also eliminates the need of third-party verifications since the ledgers are shared by all the parties over the distributed network. These are some of the major factors for adoption of blockchain technology.
Blockchain technology is currently
being adopted majorly by the financial institutions due to its benefits such as
reduced infrastructural costs for reconciling statements, data management
settlements etc. It has also been proven beneficial to increase the
transactional speed by eliminating the need of trusted third party. Bitcoin
uses cryptography for securing its ledgers, thus ensures high security platform
for the transactions.
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Adoption of blockchain is not limited
to the financial sector, however it is being implemented across different
verticals. For example, with blockchain’s extended support for Internet of
Things (IoT), the technology and telecom vertical is implementing blockchain
for initiating a better coordination between different devices. This sector is
also benefitting from blockchain because of its feature to eliminate the
processing fees which gets levied by third parties. Healthcare vertical is also
focusing on blockchain for securing its important and sensitive data and
documents and for securing its digital assets.
The adoption of blockchain can be
clearly seen in the North America followed by Europe at a fast pace. However,
the market for blockchain is gaining traction in Asia Pacific region owing to
the developing economies such as India and China adopting this technology.
Countries such as Australia have already adopted this technology and are
developing a private blockchain for its stock exchange’s clearing and
settlement process.
Key Findings from the study suggest
the largest share of this market in 2019 was of North America, as there are a
fundamentally high number of ventures adopting the blockchain technology. The
technology will have the capacity to help IoT applications in technology and
telecom sector along with the enhanced payment solutions. The healthcare
segment will adopt this this technology owing to secure their sensitive
information. Asia Pacific market is anticipated to grow at a faster pace
because of its changing financial framework which drives the demand for secure
and low-cost online payment transfers. Speculations have been that more
companies would invest in this technology, thus tapping the huge potential in
this market. Companies such as Chain Inc., Ripple, Eric Industries, Microsoft,
Circle Internet Financial Limited, R3, Samsung, Deloitte, IBM, Deloitte, Linux
Foundation, BTL Group, are some of the prominent players in this market.
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